How to Find a Personal Loan
Needing some quick cash? Many people find personal loans to be a great solution when they are in a bind. To view loan options visit our list of the best personal loans. From here you’ll be able to compare the best personal loans and view their details and information including; loan amounts, pros and cons, and the minimum credit score allowed.
Slickdeals Loan Calculator How This Loan Calculator Works
Enter your Information
Enter the loan amount you need, how long you’ll take to pay it off as the loan term (in years or months), and the interest rate you hope to get.
Read your Results
The results will show you the amount you will pay each month, including the principal you will be paying over the loan term plus the interest you will pay over the loan term.
Loan Calculator Use Cases
Our loan calculator can be a powerful tool to help you understand the monthly obligation associated with different types of loans. Whether you’re considering a personal loan to consolidate debt or a student loan to finance education, a loan calculator can provide valuable insights. By entering information such as the loan amount, interest rate, and loan term, you can get an estimate of your monthly payment.
Other loan options include:
Common Loan Terms Explained
Understanding the terms of a loan is crucial when it comes to making informed financial decisions. Here are some key terms to keep in mind when taking out a loan:
- Interest rate: The cost of borrowing money.
- Annual Percentage Rate (APR): The overall cost of the loan, including interest and fees.
- Loan term: The length of time over which the loan will be repaid.
- Principal: The amount of money borrowed from the lender, to be repaid over time according to the terms of the loan agreement.
What is an Amortization Schedule?
An amortization schedule is a table that shows how your loan payments are split between the amount you borrowed (the principal) and the cost of borrowing that money (the interest). Basically, it breaks down each payment so you can see exactly how much of it is going towards paying off the loan itself and how much is going towards paying interest.
This schedule is based on things like how much you borrowed, the interest rate, and how long the loan term is. It can be really helpful for understanding how your loan works and how much you’ll end up paying in interest over time.
How to Read The Amortization Schedule
To read an amortization schedule, you’ll typically see a table with columns for payment number, payment amount, payment date, principal payment, interest payment, and remaining balance.
- Payment number: Indicates which payment is being made.
- Payment amount: Shows how much you need to pay for that period.
- Payment date: Indicates when the payment is due.
- Principal payment: Shows how much of the payment goes towards paying off the loan amount.
- Interest payment: Shows how much of the payment goes towards the interest charged for that period.
- Remaining balance: Shows how much is left to pay on the loan after each payment is made.
Factors to Consider When Choosing a Personal Loan
Before taking out a personal loan, it’s important to plan ahead to make sure you’re making the right choice. Here are some important factors to consider.
- Your budget: Take a look at your monthly budget and decide how much of your disposable income you can afford to put monthly towards your loan payments.
- Loan repayment timeline: The loan repayment term will influence how much you pay per month. A longer loan term means smaller monthly payments (and more in interest), while a shorter loan term means higher payments each month (but less in interest).
- Cost of the loan: The cost of the loan not only includes the interest you’ll pay, but also the origination fees and other fees a lender may charge. Added fees can increase your borrowing costs.
- Other lender perks: Some lenders may offer unique perks such as flexible repayment options, adjustable due dates, or even rate discounts for qualifying borrowers. If your loan offers are nearly identical, looking at the perks offered may sway you one way or the other.
Do your research by prequalifying with various lenders so that you can compare loan offers.